Synenco Energy Inc. reported that its Board of Directors has approved a cash expenditure budget for 2008 of $50 million, consisting of $48.1 million earmarked for Northern Lights Project development (net to Synenco Energy's 60-percent interest) and $1.9 million for other corporate needs.
The 2008 Synenco budget reflects the 2008 priorities established for the project, which include advancing the mine's regulatory process, continuing pilot testing of its bitumen extraction-related technologies and design, and completion of the 2007/2008 winter drilling program. Included in the corporate budget are funds to complete the previously commenced evaluation program on the Company's 100-percent McClelland lease.
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